Shareholders told to wait

Mike Pero Mortgages' committee of independent directors is advising shareholders not to accept a takeover offer from New Zealand Finance Holdings until they have received the target company statement and their final recommendation.

The independent directors are overseeing preparation of the statement, which will include an independent adviser's report and a recommendation from the committee. The statement has to be mailed to shareholders within 14 days of the takeover offer.

NZF said it intended to make an offer at 82c a share in cash, and 2cps for options. This would be conditional on acceptances for 50.1 per cent. Gould Holdings, which has a 54 per cent stake, has said it would accept. NZF must make its offer by December 21.

- NZPA